By John Aretos, CEO of Police Mortgage
Does it make sense to walk into a patrolman credit union, get approved for the largest police home loan your credit score and income will allow, and buy as much house as possible. Well, that’s a personal decision.
Part of that decision is about your family’s circumstances. How many beds and baths do you need? Is your family expanding with a baby on the way? That has to do with the clients’ situation and their personal decisions. I’m not going to advise on that and tell anyone what they need.
When you come to Police Mortgage for a pre-approval, we will tell you what your maximum is. We’ll tell you your ceiling, how high you can go. We’ll tell you what the monthly payment would look like in that situation.
I have always advised my clients not to be in a situation where you are going to sweat that monthly mortgage payment every 30 days. At Police Mortgage we are happy to advise on how to scale back from the maximum to lower that monthly payment. We’ll tell you what range to look in. We don’t advise on what to buy or how much to spend, but we tell you your maximum amount and educate our clients on their choices for a monthly payment at different loan levels.
As we continue to say, every conversation is very specific to each first responder’s needs and situation. There will never be a general pitch like, “Yeah, let’s take you to the max and go for it!”
We will always do what we can to help our clients accomplish their goals. If someone is concerned about what they can afford, we will explain every detail and go through multiple scenarios. At the end of the day, it is their choice but we will empower them with the knowledge of a monthly payment they can be comfortable with based upon their income.
Today, I think most clients are knowledgeable and are going to make prudent decisions concerning what they can comfortably afford. However, if someone is pushing the maximum we have no problem explaining why that could be tough.
As fiduciaries, we want to protect the sanctity of the preapproval by creating a cushion on the high side. When we do that, if something does happen we can be better prepared. Maybe a client decides later to look for a different home where property taxes are higher. Maybe something happens to interest rates where the monthly payment will increase. We want to have that cushion so a change doesn’t take a client from qualifying to not qualifying.
We are never going to push mortgages for police that make our clients feel uncomfortable. We want to leave room there for the approvability of the transaction. If rates rise or if there is a counteroffer we will be happy that we started on the conservative side.
Most of the folks we have the privilege to work with are putting their lives on the line every day. We don’t want them to have to sweat their monthly payment. It’s a personal decision as to how much house they want to buy, but we’re going to advise in a way that keeps our first responders within a comfortable range. I think our clients appreciate that.
Police Mortgage specializes in conventional mortgages, purchase money transactions, FHA loans, and VA loans. Led by founder and CEO John Aretos, Police Mortgage is known and respected for providing clients with exceptional service, customized terms, quick and easy closings, and low money down options. To learn more about Police Mortgage, go to www.policemortgage.com or call 312-499-8878.
Police Mortgage for First Responders Who Are Second To None.
Chicago Office:
100 W. Randolph, 9th Floor, Chicago, IL 60601.
Springfield Office:
320 W. Washington, 3rd Floor, Springfield, IL 62786. | Phone: 888.473.4858
I have my bachelor’s in business administration and have been involved in the banking industry for over 10 years. During this time, I managed two of the Chicago Patrolmen’s Federal Credit Union locations prior to transitioning to Police Mortgage. I have family members who are police officers with the Chicago Police Department. My work has been very rewarding, and I take pride in having assisted countless members and their families with their financial needs and financial wellness. My hobbies include exploring new restaurants in the city and running for marathons that support pediatric cancer foundations and Chicago Police Memorial Foundation’s Run To Remember. I come from a large family primarily from the south side of Chicago and love to share all the diversity and beauty the city has to offer with my two children.
I am honored to grow up in a multi-generational family of Chicago Police Officers. I joined Police Mortgage in the summer of 2020 and love the opportunity to help both first-time buyers and repeat clients alike achieve their dreams of purchasing a home. Having been born and raised in the south suburbs of Chicago, I happily live in the Lakeview neighborhood today. Along with my two younger sisters, I am a graduate of the University of Illinois at Urbana-Champaign and a lifelong Chicago Bears fan. I have a strong passion for food and love exploring the vast array of restaurants throughout our city. Nothing makes me happier than spending a summer afternoon on a golf course with family and friends!
I joined my brother at Police Mortgage as a loan officer in August of 2021 after a 10-year career in sales and marketing. Most recently, I worked as a Senior Account Executive for Ricoh North America, an office electronics company, where my main responsibilities were building new client relationships and maintaining over 400 existing customer accounts. I believe my work experience has transferred over to the mortgage industry well, because I am able to multi-task effectively while working with multiple customers. The skillset I learned in my previous employment allows me to stay organized and to manage my time well for my customers. My number one goal is always to make the loan process as quick and painless as possible for our borrowers. I am excited to further develop the Police Mortgage brand with my brother. It is a unique situation, and I believe working in an office together allows us to help our borrowers even more due to streamlined communication and our ability to help each other with our respective files. I like to spend my free time relaxing, watching sports, exercising, going out to eat with my wife, and trying to keep up with our three daughters – all under five years old!
After graduating from the University of Missouri in 2015, I moved to Chicago where I began a career in marketing at a firm called Ansira. I sought a career change and contacted Police Mortgage, where I was first introduced to the mortgage industry. I have spent the last 5 years training with our CEO, John Aretos, who has taught me all of the intricacies of the mortgage process. I love finding solutions for our clients to help them purchase the home of their dreams. I feel a huge sense of accomplishment when helping homebuyers, especially first-time homebuyers, all the way through the loan process, from pre-approval to closing day. I recently moved back to my hometown of St. Louis, where we opened a new office. I am excited to help start this new chapter for Police Mortgage. My wife, Megan, and I are happy to be back in our hometown. We are always checking out new outdoor events such as music or food festivals – anywhere we can take our dog, Remy!
As the CEO of an organization associated with serving the Police and their loved ones, I am privileged to play a role in helping our clients achieve their life’s financial goals. Our mission is to make the home buying or refinancing process as comfortable as possible, providing our clients with competitive products and excellent service.
I was born and raised in the Chicago metropolitan area, and I have a deep-rooted love and appreciation for the diverse culture which makes our city so special. My two older siblings and I grew up working in our parent’s restaurant, which instilled a work ethic and sense of family that I carry with me to this day.
I am a graduate of Indiana University and have been involved in the mortgage industry for nearly 25 years, helping thousands of clients save money or finance the home of their dreams. My passions are passing down my love of food, music, art, snow skiing, and red wine to my three children, who motivate me to be a better person each and every day!
